- Ripple price expected to fall further as bearish pressure lingers.
- The closest support level lies at 1.25.
- XRP faces resistance at the $1.50 mark.
In the past week, Ripple price went past the $1.90 mark; however, it was unable to carry forward its bullish momentum and has dropped down to below $1.40. While the price at press time holds just below $1.40, the bearish pressure is strong, and the price may fall further in the future if the selling continues
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include DOGE and BNB that record a 36.14 and a 16.55 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 3.99 and a 6.77 percent hike, respectively.
Technical indicators for XRP/USDT
Across the technical indicators, the MACD shows declining bullish movement as observed in the light red histogram. The indicator has been bearish for five days, and the Ripple price is hovering just above $1.365. Across the EMAs, the 26-EMA still trades above the 12-EMA, the difference between the two is negligible, and they may show a reversal at any time.
The RSI is currently trading in the neutral zone just below the 44.00 mark and has been in the neutral region for the past five days with high bearish momentum. However, since yesterday spikes towards the overbought region are increasing, suggesting small bullish momentum and also suggesting a fightback by the buyers.
The Bollinger bands are currently wide, but they will converge in the immediate future due to the presence of dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Ripple price. Meanwhile, as the Ripple price is consolidating well below the bands’ mean line, the bands would continue to lean downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 10 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only six indicators issue buy signals suggesting a bullish retracement. Meanwhile, 10 indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis does not share this sentiment and issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only three indicators which suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ripple price?
While making an attempt for a V-shaped recovery, Ripple price action was rejected at the $1.50 level, and the price has begun retracing once again. While the price action has a support level at the $1.20 mark, the increasing bearish pressure may mean a fall to the $1.00 mark. The 4-hour technical analysis also supports this sentiment and suggests that XRP would fall to $1.00 before recovering.
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